System for physically delivering virtual currencies

Abstract

Systems and methods are disclosed for settling futures contracts that are based on virtual currencies. A clearing counter-party operates a clearing counter-party computer that may oversee physical delivery of virtual currency between a buyer and seller. The clearing counter-party computer does not take possession of the virtual currency and monitors a publicly viewable ledger to confirm that transactions have taken place.

1 . A system comprising:
 a clearing computer, operated by a counter-party, in communication with a buyer computer, a seller computer and a publicly viewable electronic ledger, the buyer computer associated with a buyer obligated per a first futures contract to take physical delivery, upon expiration, of an amount of a virtual currency and the seller computer associated with a seller obligated per a second futures contract to make physical delivery, upon expiration, of an amount of the virtual currency, the virtual currency being transacted via the publicly viewable electronic ledger, and wherein the clearing computer comprises a computer-readable medium that contains computer-executable instructions that cause the clearing computer, without the counter-party taking actual possession of the virtual currency of the first or second futures contracts, to:
 subsequent to expiration of both the first and second futures contracts, determine a virtual currency address for the buyer computer; 
 direct the seller computer to transfer, via the publicly viewable electronic ledger, an amount of the virtual currency to the determined virtual currency address, including in the transfer a unique identifier having an association known by the clearing computer which will be viewable in the publicly viewable electronic ledger in association therewith upon completion of the transfer; and 
 confirm, via the publicly viewable electronic ledger, that the seller transferred the amount of the virtual currency via a determination that the unique identifier appears in the publicly viewable electronic ledger. 
   
     
     
         2 . The system of  claim 1 , wherein the first and second futures contracts are novations of a single virtual currency futures contract anonymously entered into between the buyer and seller via an exchange computer coupled with the clearing computer. 
     
     
         3 . The system of  claim 1 , wherein the first and second futures contracts are novations of different futures contracts anonymously entered into by the buyer and seller with other parties via an exchange computer coupled with the clearing computer. 
     
     
         4 . The system of  claim 1 , wherein the computer executable instructions further cause the clearing computer to monitor pending futures contracts stored in a database coupled with the clearing computer for expiration thereof and subsequent to expiration of a futures contract to buy or sell an amount of the virtual currency, identify an opposing expired futures contract to buy or sell an amount of the virtual currency, the first and second futures contract comprising the identified futures contracts. 
     
     
         5 . The system of  claim 1 , wherein when amount sold is less than the amount bought, the computer executable instructions further cause the clearing computer to identify one or more other futures contracts to sell an amount of the virtual currency to fulfill the amount bought, and when amount sold is exceeds the amount bought, the computer executable instructions further cause the clearing computer to identify one or more other futures contracts to buy an amount of the virtual currency to receive the excess of the amount sold. 
     
     
         6 . The system of  claim 5 , wherein the computer executable instructions further cause the clearing computer to direct the seller computer corresponding to each identified futures contract to use a different virtual currency address for their respective transfer, include a different identifier in their respective transfer, or a combination thereof. 
     
     
         7 . The system of  claim 1 , wherein the clearing computer does not identify the buyer and seller to each other. 
     
     
         8 . The system of  claim 1 , wherein the unique identifier comprises the amount of the virtual currency to be physically delivered to the buyer. 
     
     
         9 . The system of  claim 1 , further including a secure channel for receiving the virtual currency address from the buyer computer and/or directing the seller computer. 
     
     
         10 . The system of  claim 1 , wherein the virtual currency address comprises at least one wallet address. 
     
     
         11 . The system of  claim 1 , wherein the publicly viewable electronic ledger is maintained by one or more ledger computers in communication with the clearing computer. 
     
     
         12 . The system of  claim 1 , wherein the virtual currency comprises Bitcoin. 
     
     
         13 . The system of  claim 1 , wherein the computer-executable instructions further cause the clearing computer to reduce the quantity of the virtual currency to be physically delivered to the buyer by an amount the buyer is obligated to deliver to another buyer per another futures contract determined to be expired and per which the buyer is a seller. 
     
     
         14 . A computer implemented method comprising:
 receiving, by a clearing computer from a buyer computer, a designation identifying where a seller computer is to transfer an amount of a virtual currency, and communicating the received designation thereto along with a unique identifier having an association with the transfer, known by the clearing computer, to be included as part of the transfer so as to be viewable in a publicly viewable electronic ledger in association therewith upon completion of the transfer, the clearing computer operated by a clearing counter-party and in communication with the buyer and seller computers and the publicly viewable electronic ledger via which the virtual currency is transacted, the clearing computer having determined that first and second futures contracts have expired, the first futures contract comprising an obligation of a buyer, associated with the buyer computer, to take physical delivery, upon expiration, of an amount of the virtual currency, the second futures contract comprising an obligation of a seller, associated with the seller computer, to make physical delivery, upon expiration, of an amount of the virtual currency; and   confirm, via the publicly viewable electronic ledger, that the seller transferred the amount of the virtual currency via a determination that the unique identifier appears in the publicly viewable electronic ledger, the clearing counter-party not having taken actual possession of any of the virtual currency of the first or second futures contracts.   
     
     
         15 . The method of  claim 14 , wherein the first and second futures contracts are novations of a single virtual currency futures contract anonymously entered into between the buyer and seller via an exchange computer coupled with the clearing computer. 
     
     
         16 . The method of  claim 14 , wherein the first and second futures contracts are novations of different futures contracts anonymously entered into by the buyer and seller with other parties via an exchange computer coupled with the clearing computer. 
     
     
         17 . The method of  claim 14 , further comprising monitoring pending futures contracts stored in a database coupled with the clearing computer for expiration thereof and subsequent to expiration of a futures contract to buy or sell an amount of the virtual currency, identifying an opposing expired futures contract to buy or sell an amount of the virtual currency, the first and second futures contract comprising the identified futures contracts. 
     
     
         18 . The method of  claim 14 , wherein when amount sold is less than the amount bought, the method further comprising identifying one or more other futures contracts to sell an amount of the virtual currency to fulfill the amount bought, and when amount sold is exceeds the amount bought, and identifying one or more other futures contracts to buy an amount of the virtual currency to receive the excess of the amount sold. 
     
     
         19 . The method of  claim 18 , further comprising directing the seller computer corresponding to each identified futures contract to use a different virtual currency address for their respective transfer, include a different identifier in their respective transfer, or a combination thereof. 
     
     
         20 . The method of  claim 14 , wherein the clearing computer does not identify the buyer and seller to each other. 
     
     
         21 . The method of  claim 14 , wherein the unique identifier comprises the amount of the virtual currency to be physically delivered to the buyer. 
     
     
         22 . The method of  claim 14 , further including a secure channel for receiving the virtual currency address from the buyer computer and/or directing the seller computer. 
     
     
         23 . The method of  claim 14 , wherein the virtual currency address comprises at least one wallet address. 
     
     
         24 . The method of  claim 14 , wherein the publicly viewable electronic ledger is maintained by one or more ledger computers in communication with the clearing computer. 
     
     
         25 . The method of  claim 14 , wherein the virtual currency comprises Bitcoin. 
     
     
         26 . The method of  claim 14 , further comprising reducing, by the clearing computer, the quantity of the virtual currency to be physically delivered to the buyer by an amount the buyer is obligated to deliver to another buyer per another futures contract determined to be expired and per which the buyer is a seller. 
     
     
         27 . A clearing computer operated by a clearing counter-party and in communication with buyer and seller computers and a publicly viewable electronic ledger via which a virtual currency is transacted, the clearing computer comprising a processor and a memory coupled therewith, the memory storing computer-executable instructions that when executed by the processor, subsequent to expiration of first and second futures contracts, the first futures contract comprising an obligation of a buyer, associated with the buyer computer, to take physical delivery, upon expiration, of an amount of a virtual currency, the second futures contract comprising an obligation of a seller, associated with the seller computer, to make physical delivery, upon expiration, of an amount of the virtual currency, cause the processor, without the clearing counter-party taking actual possession of any of the virtual currency of the first or second futures contracts, to:
 receive, from the buyer computer, a designation identifying where the seller computer is to transfer an amount of the virtual currency, and communicate the received designation thereto along with a unique identifier having an association with the transfer, known by the clearing computer, to be included as part of the transfer so as to be viewable in the publicly viewable electronic ledger in association therewith upon completion of the transfer; and   confirm, via the publicly viewable electronic ledger, that the seller transferred the amount of the virtual currency via a determination that the unique identifier appears in the publicly viewable electronic ledger.